Chinese company to challenge Tesla’s place in the market next year | Smart Highways Magazine: Industry News

Chinese company to challenge Tesla’s place in the market next year

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Property company China Evergrande Group, has reportedly said it has ambitions to become the world’s biggest maker of electric vehicles.

China Evergrande Group is also reportedly planning to unveil its debut car by June, which is a year later than first promised.

According to Bloomberg the car is to be sold under the ‘Hengchi’ brand and will debut in the first half of next year, with mass production starting in 2021.

Bloomberg reports that whilst at a deal-signing event China Evergrande Group’s chairman Hui Ka Yan said the company still aims to become the world’s biggest maker of electric vehicles, and it had to move fast despite a lack of technology and experience. “For core technology and companies available to be purchased, we’ll buy them all,” Hui told more than 200 potential partners in Guangzhou. “For those we couldn’t buy, we’d like to join hands with them through cooperation.”

Evergrande reportedly signed cooperation agreements with around 60 parts makers on this week, and is now developing 15 models, ranging from mid-level to ultra-luxury cars, Hui said. The company also plans to build 10 car plants in China, Sweden and other One Belt, One Road countries to expand production and lower costs. Evergrande already has production bases in Tianjin, Shenyang, Shanghai and Guangzhou.

 
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